Boehner: Trillions, not billions in budget cuts needed
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House Speaker John A. Boehner is expected to insist Monday night in a speech before the Economic Club of New York that any agreement to increase in the nation’s debt limit be accompanied by a greater level of spending cuts and no tax hikes.
According to excerpts of the speech, Boehner, an Ohio Republican, also dismisses the proposals being floated by the administration for a trigger mechanism, which would require budget changes if debts rise in future years.
“Without significant spending cuts and reforms to reduce our debt, there will be no debt limit increase,” Boehner is expected to say, according to the excerpts.
“The cuts should be greater than the accompanying increase in debt authority the president is given. We should be talking about cuts of trillions, not just billions. They should be actual cuts and program reforms, not broad deficit or debt targets that punt the tough questions to the future.”
Congress faces an Aug. 2 deadline to raise the nation’s $14.3-trillion borrowing limit to avoid default. The government borrows at a rate of about $125 billion a month. Congressional Democrats agree that spending cuts should be made, but they also want to close tax loopholes to bring in revenue. In his remarks, Boehner is expected to reiterate that “tax hikes should be off the table.”
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